5 LendingClub Competitors & Alternatives

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Peer-to-peer lending has become an increasingly common way for people to borrow money or invest. Through this method, people receive money from other individuals through a centralized platform instead of a financial institution.

Though LendingClub was one of the original leaders in the P2P lending industry, today there is an increasing number of competitors for both personal loans and business loans.

Before borrowing you should review LendingClub alternatives that exist to make sure you are getting the best deal.


On this page:

LendingClub Alternatives for Personal Loans

There are countless LendingClub personal loan alternatives and competitors. You can check out our best personal loans guide or read about some of our top picks below.

LightStream

Rates (APR)


3.49%19.99%
with AutoPay

Loan Amounts

$5,000$100,000

LightStream ranks as our best overall personal loan lender and is a great alternative to LendingClub because of its Rate Beat Program in which it will beat any rate a competitor offers by 0.10 percentage points. LightStream personal loans have low interest rates and no fees. If you have excellent or good credit, LightStream is a great option.

  • Credit score category: Excellent, good
  • Soft credit pull to check rates: Not available
  • Deposit time: As soon as the same day
  • Origination fee: 0%
  • Late fee: None
  • Discounts: 0.50% interest rate reduction for enrolling in autopay
  • Repayment terms: 24 – 144 months

Upgrade


Rates (APR)

7.99%35.97%

Loan Amounts

$1,000$35,000


Upgrade is a good alternative to LendingClub for borrowers with fair to bad credit, in addition to those that need a smaller loan since Upgrade’s minimum loan is smaller than most other lenders. Plus, you can check your interest rates with Upgrade without impacting your credit score.

  • Credit score category: Fair, bad
  • Soft credit pull to check rates: Yes
  • Deposit time: As soon as the next day
  • Origination fee: 2.9% – 8%
  • Late fee: $10
  • Repayment terms: 36 or 60 months

Avant

Rates (APR)

9.95%35.99%

Loan Amounts

$2,000$35,000


Avant is an online lender that can be a good LendingClub alternative for borrowers with lower credit scores because of their competitive interest rates, quick funding, and variety of repayment terms. Checking your rates with Avant through a soft credit pull won’t damage your credit score and is a nice option to have before moving on to the application process.

  • Credit score category: Fair, bad
  • Soft credit pull to check rates: Yes
  • Deposit time: As soon as the next day
  • Origination fee: 4.75%
  • Late fee: $25
  • Repayment terms: 24 – 60 months

How LendingClub Stacks Up

Rates (APR)

6.95% – 35.89%

Loan Amounts

Up to $40,000


Many of the same factors are relevant when applying for a loan through LendingClub as any other institution. In particular, a borrower’s debt-to-income ratio is paramount.

Here are some general requirements and facts about LendingClub personal loans:

  • APR: LendingClubs’ APR ranges from 6.95% to 35.89%, and there are no prepayment penalties.
  • ​Origination Fees: These range from 1 percent to 6 percent of the loan amount. The fees are included in the APR and deducted from the loan when it’s funded.
  • Minimum Credit Score: Not provided
  • ​Term Length: LendingClub loans are either three years or five years.
  • Borrowing Amount Range: Personal loans through LendingClub range up to $40,000.
  • Disbursement Time: Funds are typically issued within seven days.

LendingClub Competitors for Business Loans

Rates (APR)

Starting at 9.99%

OnDeck focuses on the business lending market for small to mid-sized companies. OnDeck offers both business loans and lines of credit to qualified customers.

  • APR: The APR for OnDeck loans starts at 9.99%.
  • ​Fees: Origination fees vary from 0% – 4%, $20 monthly maintenance fee.
  • ​Minimum Credit Score: 600
  • ​Term Length Range: Terms range from 15 – 36 months.
  • Borrowing Amount Range: Loans are available from $5,000 up to $500,000.
  • Disbursement Time: Within 24 hours.

Funding Circle


Rates (APR)

4.99% – 27.79%

As an alternative for business owners interested in small business loans or larger options, Funding Circle uses the peer-to-peer lending model to offer these options.

  • APR: The APR for Funding Circle loans starts at 4.99%, and it can go up to 27.79%.
  • ​Fees: There are no prepayment penalties. Origination fees vary from 0.99 percent up to 6.99 percent.
  • ​Minimum Credit Score: 620
  • ​Term Length Range: Terms range from six months to five years.
  • Borrowing Amount Range: Loans are available from $25,000 up to $500,000.
  • Disbursement Time: Loan funding time can take up to 14 days, although many loans are funded in a few days. Once a loan is funded, the loan amount can be deposited into a business bank account the same day.

Funding Circle is a bit different from LendingClub because loan amounts are higher. Plus, it is only a business loan platform. The loan terms are more flexible, and the maximum borrowing amount is significantly higher than LendingClub’s maximum.


Summary of LendingClub Alternatives

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